Alberta Natural Gas Company Ltd Reports Record Operating Income.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Feb. 5, 1996--Alberta Natural Gas Company Ltd (ANG ANG In currencies, this is the abbreviation for the NL Antillian Guilder. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) today announced record operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $94.5 million for 1995. These results were achieved through strong operating performances from each of ANG's four business segments. Net income was $45.8 million or $1.78 per share for 1995, an increase of 45 per cent over the $31.5 million or $1.23 per share in 1994. Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. Lunt Lunt , Alfred 1893-1977. American actor who performed with his wife Lynn Fontanne in many stage productions, including Pygmalion (1926) and Quadrille (1952-1955). Noun 1. , President and Chief Executive Officer stated, "We have outperformed our expectations in virtually every category and have made significant gains in our new business initiatives. This positive trend is expected to continue in 1996." Specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. operating income from ANGUS Chemical Company, a United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , increased to $25.2 million for 1995, up 41 per cent from $17.9 million in 1994 largely due to improved margins and higher sales volumes worldwide. Natural gas services operating income rose substantially to $28.8 million for 1995 from $10.2 million for the same period in 1994. Natural gas liquids (NGL NGL - A dialect of IGL. ) marketing accounted for the majority of the increase due to higher NGL sales volumes and lower feedstock feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing costs. In addition, earnings were enhanced by positive contributions from gas marketing activities and ANG's recent investments in the gas gathering and processing business. The extraction and pipeline businesses continue to provide strength and stability through capital based income. Extraction operating income of $25.5 million for 1995 was up 19 per cent from $21.5 million in 1994 mainly due to the recommissioning project which was placed into service in late 1994. Pipeline operating income was $25.3 million compared to $22.9 million for the same period in 1994. On January January: see month. 19, 1996 TransCanada PipeLines The TransCanada pipeline is a system of natural gas pipelines, up to 48 inches (1219 millimetres) in diameter, that carries gas through Alberta, Saskatchewan, Manitoba, Ontario and Quebec. It is maintained by TransCanada PipeLines, LP. It is the longest pipeline in Canada. Limited (TCPL) announced that it proposes to offer to purchase all shares of ANG not already owned by TCPL at a price of $25.75 per share. A committee of independent directors has been formed to consider the proposal. TCPL has indicated it intends to make the offer to ANG's shareholders on or about February February: see month. 14, 1996. ANG is a Calgary based corporation engaged in specialty chemicals and natural gas gathering processing, marketing, storage and transportation. ANG's common shares are listed on the Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Montreal, Vancouver and Alberta stock exchanges Alberta Stock Exchange See Canadian Venture Exchange (CDNX). and trade under the symbol ANG.
ALBERTA NATURAL GAS
INCOME STATEMENT
(In thousands except earnings per share)
Twelve months ended Three months ended
December 31 December 31
1995 1994 1995 1994
-----------------------------------------------
restated restated
Revenues $665,407 $673,957 $165,723 $134,609
Expenses 570,946 610,036 145,275 121,123
-----------------------------------------------
Operating Income 94,461 63,921 20,448 13,486
Other income 2,455 7,362 197 2,416
Interest expense (26,632) (21,936) (6,948) (5,898)
Provision for
income taxes (24,462) (17,856) (3,329) (2,346)
-----------------------------------------------
Net income $45,822 $31,491 $10,968 $7,658
===============================================
Earnings per share $1.78 $1.23 $0.43 $0.30
OPERATING INCOME SUMMARY
(in thousands)
Twelve months ended Three months ended
December 31 December 31
1995 1994 1995 1994
-----------------------------------------------
restated restated
Extraction $25,505 $21,489 $6,090 $4,829
Natural gas
services/a 28,844 10,189 9,291 5,179
Specialty chemicals 25,150 17,910 1,405 96
Pipelines 25,325 22,944 6,424 5,867
Corporate expenses (10,363) (8,611) (2,762) (2,485)
-----------------------------------------------
Operating income $94,461 $63,921 $20,448 $13,486
===============================================
Note (a) Comprised of natural gas gatherings, processing, storage and
brokering, as well as the marketing of NGL and ethane from the
Cochrane extraction plant.
BALANCE SHEET
(in thousands)
December 31 December 31
1995 1994
----------------------------------
restated
Assets
Current assets $191,360 $203,220
Investments 2,890 3,078
Property, Plant
and equipment 570,755 522,708
Goodwill and Other 24,201 18,059
-------------------------------
$789,206 $747,065
===============================
Liabilities and Shareholders' Equity
Current Liabilities $225,648 $243,897
Long-term debt 211,125 189,484
Deferred taxes and
other credits 98,788 88,035
Shareholders' Equity 253,645 225,649
-------------------------------
$789,206 $747,065
===============================
RESTATED COMPARATIVE FIGURES
Effective January 1995, ANG adopted the new requirements of the
Canadian Institute of Chartered Accountants with respect to the use
of the proportionate consolidation method of accounting for its
investments in joint ventures. Using this method, ANG retroactively
recorded its share of joint venture assets, liabilities, revenues,
expenses and cash flow. This restatement does not result in any
change to net income or shareholders' equity from that previously
reported.
CONTACT: Alberta Natural Gas Ltd Dave Dominy, 403/691-7840 Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Stevenson, 403/691-7706 |
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